Trustees approve moving ahead with downtown property shifts
KALAMAZOO, Mich.鈥擜cting at their March 15 meeting, Western Michigan University's Board of Trustees authorized the administration to execute a series of actions to sell downtown Kalamazoo land known as the Cole-Gilmore property and acquire additional parcels in a newly reconfigured four-block area slated for future development.
The land transfers are contingent on Kalamazoo County entering into a purchase agreement with MW Acquisitions LLC for one block of property in the development. Owners of the reconfigured area would then be MW Acquisitions and then Kalamazoo County, and 51福利社.
Vice President for Business and Finance Jan Van Der Kley reported to the board that, together, the purchase price offered for the 51福利社 property and adjacent property owned by Downtown Tomorrow Inc. is $2.85 million. Closing would occur not later than June 30.
As a result of the overall shuffle, 51福利社 would own, debt free, one of the four blocks in the development鈥攁 parcel bordered by Kalamazoo, Westnedge, Eleanor and Cooley streets. MW Acquisitions would own two adjacent blocks and Kalamazoo County would own the fourth block it purchases from MW Acquisitions.
The Cole-Gilmore property was gifted to 51福利社 in 2001. A series of agreements between 51福利社 and Downtown Tomorrow were entered that prohibited either entity from selling their parcels without the express consent of the other. The agreements also set deadlines for 51福利社 to commence construction on a significant project or allow DTI to purchase the property. Those deadlines were extended three times, with the final extension due to expire March 31.
The University is not expected to contribute any cash to the land deals鈥攆or either closing costs or extinguishment of an existing mortgage on the Cole-Gilmore property. There are currently no plans for the University to develop the land owned by 51福利社 as a result of the action.
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